Gov Accounting- Financial Statements Flashcards

1
Q

What are the required pieces of the financials (in order)

A
  1. MD&A
  2. Government-wide financial statements
  3. Fund financial statements
  4. Notes to the financial statements
    .5. Required supplementary information (RSI) and OSI- other supplementary information
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2
Q

What must be included with the government-wide financials and fund financial statements?

A

Reconciliation of modified accrual governmental funds to the government-wide financials on the full accrual basis

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3
Q

How are government-wide financial recorded?

A

Prepared on the accrual basis

Reflecting economic resources measurement focus

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4
Q

How is net position calculated in the government-wide financials

A

A-L = NP

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5
Q

Describe the statement of activities

A
  1. includes program revenues (SOC) resulting from exchange-type (charges for services) or non-exchange type transactions such as operating or capital grants
  2. between governmental activities and business-type activities columns, interfund activity with be eliminated; between columns interfund-activity will not be eliminated
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6
Q

What is the criteria for major funds

A
  1. 10% of GRaSPP funds or enterprise funds

2. 5% of GRaSPP funds or enterprise funds

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7
Q

Which fund is always included as a major fund

A

general fund

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8
Q

Which funds are always excluded from major fund considerations

A
  1. internal service funds
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9
Q

What is unique about the proprietary fund financial statements?

A

has a statement of cash flow

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10
Q

How does the fiduciary fund report net position

A

the difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources

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11
Q

what are the requirements of the MD&A section

A
  • easily readable summary

- likely include a description of major initiatives and analyze material variances

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12
Q

What is the requirement of the notes of the financial statements

A

essential for fair presentation
focus on the primary government (specifically governmental activities, business type activities, major funds, and nonmajor funds in aggregate
additional information regarding discretely presented component units

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13
Q

What might be included in required supplementary information

A

May include:
pension data
infrastructure data
budgetary comparisons of the original and final budgets as well as the actual amounts

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14
Q

What is included in the optional supplemental information

A

Combining statements for nonmajor funds and variance computations is optional

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